Many scene release groups have been releasing dongle free EBOOT's that was once controlled by the True Blue team. Thanks to PS3News member Shadoxi he promptly grabbed the source code and compiled True Blue ELF dumper. With this tool you are able to decrypt True Blue ELF & EBOOT files from RAM which will lead to all games been dongle free. Ironically in order to use this you will need a True Blue dongle while running a custom firmware that has no peek/poke.

README:
It's ELF dumper from memory and it work with True blue cfw v2 and any 3.55 firmware because it doesn't use lv2 peek/poke.

Warning:
It will not brick your ps3. But i am not responsible for any damage.

HOWTO:
Enable dev_blind with multiman
copy libsysutil_np_trophy.sprx from /dev_blind/sys/external/external to dev_hdd0/ and rename it "orignal_libsysutil_np_trophy.sprx"
copy my modified "libsysutil_np_trophy.sprx" to /dev_blind/sys/external/
load a True blue game from multiman
exit multiman
run your game
wait few minutes (if you get black screen after 3 minutes reboot ps3)
exit game
go to ftp
in dev_hdd0/ there are your decrypted DUMPEDBOOT.bin
copy and rename it with another name.

Howto uninstall patch :
Two ways:
You could uninstall this patch by replacing modified libsysutil_np_trophy.sprx by orginal libsysutil_np_trophy.sprx
Or update in recovery mode

Thanks to: Ps3dev
To Quote: Shadoxi
Hi ,
I release my ELF dumper, it work with any firmware > 3.56.
Tested on:
Original 355 -> ok
True Blue CFW v2 -> ok- ...
There are some bugs (size of dump ...) but it work

UPDATE 1
Quote by deank
Changed:

Doesn't stop dumping when it reaches embedded ELF
Dumps 35MB of RAM in one write call (so it takes ~1 second)
Dumps are saved in /dev_hdd0/RAMDUMP-##.BIN where ## is from 00 to 99 for 100 sequential dumps
Doesn't really require the original sprx, since loading never succeeds anyway
Tested: dumps mM, Beyond Good&Evil HD PSN...
Rebuilding the original 'elf' takes few minutes if you know what you're doing